THE extravagant hat business owned by Galway milliner Philip Treacy continues to flourish, with new accounts showing that his fashion firm recorded profits of £112,812 last year (€135,970).
The Galway-born designer has achieved worldwide recognition with his hat designs and has a client base that includes Lady Gaga and Sarah Jessica Parker.
New accounts filed by Treacy's London-based Philip Treacy Ltd show that the firm recorded a post-tax profit of £112,812 in the 12 months to the end of last June.
The figures lodged with Companies House in the UK show that the cash pile at Treacy's firm increased from £229,477 to £248,860.
The profit secured last year allowed the firm to increase its shareholder funds from £50,909 to £163,761.
The profitable performance last year followed the firm recording profits of £110,585 in 2012. The two years of profits followed a loss-making year in 2011, when accumulated losses increased from £111,317 to £210,009. The abridged accounts do not provide a revenue figure or salaries paid out during the two years.
The 46-year-old then won a place at the Royal College of Art and became its first millinery student in its 165-year history.
In 2010, Treacy was one of six contemporary, internationally renowned Irish fashion designers featured on a set of Irish stamps issued by An Post.